- SWFX market sentiment is 59% bullish today
- Pending orders in the 100-pip range are set to sell in 52% of cases
- US Employment data sets at 12:30 GMT
The EUR/USD is being pushed lower by the resistance of the 55-hour simple moving average. Although, that does not clearly signal a decline, as the pair might find support in levels of significance at 1.1480 and 1.1460.
The European Single Currency depreciated against the US Dollar, following US ADP Non-Farm Employment Change data release on Wednesday at 12:15 GMT. The EUR/USD exchange currency rate lost 5 pips or 0.05% during a minute, right after the release. In the next minutes the rate was trading at the 1.1540 level.
The Automatic Data Processing, Inc. released the US ADP Non-Farm Employment Change data that came out better-than-expected of 230K , compare to forecasted 185K.
Ahu Yildirmaz, vice president and co-head of the ADP Research Institute said: "The labor market continues to impress. Both the goods and services sectors soared. The professional and business services industry and construction served as key engines of growth. They added almost half of all new jobs this month."
US Employment Friday
All traders should note that on Friday at 12:30 GMT the US employment data sets like the Employment Change and Average Hourly Earnings will be published. By some financial media this event is seen as the most important of them all.
The data release cover will begin on the bank's webinar platform at 12:20 GMT. Click on the link below or the notification on the JForex 3 platform to join the webinar.
EUR/USD short term review
On Friday, the European Single Currency will trade at the range of the 1.1500 level and the 1.1450 level. The 55-hour SMA and the monthly S1 should resist the rate from the surge. Most likely, the rate will be located at the 1.1450 mark due to the 50.00% Fibo support, which should keep the rate in the range.However, fundamentals at 12:30 GMT on Friday, may break the predictions. Watch out for the news!
Hourly Chart
The previously drawn speculative ascending pattern has held its ground. Namely, its lower trend line was providing support to the EUR/USD since Wednesday's trading session.
From the daily charts perspective, if the EUR/USD breaks the resistance of a pivot point at 1.1510, the currency rate will jump back up to the 1.1600 mark, where it would be met by the 55-day simple moving average.
Daily chart
Since Tuesday, 58% of Swiss Foreign Exchange Traders were long. Most likely they bought the EUR/USD, when it hit the support levels at 1.15. In addition, on Friday the sentiment had increased to 59%.
Meanwhile, all of the traders have prepared pending trade orders, which might be executed in certain situations. All the take profits, stop losses, sell and buy orders were set to sell in 58% of all cases.
If these orders would get filled, the EUR/USD would break through the previously mentioned support levels.